Health Catalyst (HCAT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Health Catalyst

NasdaqGS•Healthcare•Health Information Services

$1.69-0.02(-0.01%)Market closed

Market Cap

$127.95M

P/S

0.4x

P/B

1.3x

Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services. It offers ignite data and analytics platform that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems; and applications, a software analytics applications build for ignite platform to analyze clients face across clinical improvement, revenue and cost improvement, ambulatory operations, measures and registries, and data and analytics. The company also provides expertise solutions comprising data and analytics, domain expertise and education, tech-enabled managed, and implementation services; and opportunity analysis and prioritization, data governance, data modeling and analysis, quality and process improvement strategy, cost accounting, data abstraction, and population health strategies. It serves academic medical centers, integrated delivery networks, community hospitals, large physician practices, accountable care organizations, health information exchanges, health insurers, life science organizations, healthcare technology vendors, and other risk-bearing entities. The company was formerly known as HQC Holdings, Inc. and changed its name to Health Catalyst, Inc. in March 2017. Health Catalyst, Inc. was founded in 2008 and is headquartered in South Jordan, Utah.

How this company scores

WeakMetricSide Score: 30/100

Strongest: Cash & Earnings Quality (12/25); weakest: Profitability (3/25).

Profitability3/25

Growth6/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality12/25

Strengths

Improving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 0.4x5y range 0.3x – 10.7x

Currently below its 20-quarter median.

P/B · 1.3x5y range 0.6x – 4.5x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $127.95M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $292.25M
Q. Revenue: $70.49M
TTM EBITDA: $-197.96M
TTM Op. Income: $-246.55M
Q. Op. Income: $-36.48M
TTM Net Income: $-264.82M
Q. Net Income: $-40.54M
EPS: $-0.55
Shares Out.: $73.96M

$292.25M in TTM revenue declined 7.5% YoY, reaching $70.49M last quarter. TTM EBITDA of $-197.96M and TTM operating income of $-246.55M show growth is flowing through to the bottom line. However, net income is negative at $264.82M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 4 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 49.5%
EBITDA Margin: -36.2%
Op. Margin: -51.8%
Net Margin: -57.5%

Op. margin of -51.8% is down 5.8% YoY — costs are rising relative to revenue. Net margin at -57.5% and gross margin of 49.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 13% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.4x
P/B Ratio: 1.3x

P/S of 0.4x and P/B of 1.3x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $358.60M
Cash: $60.59M
Long-Term Debt: $151.85M
Book Value: $100.83M
D/E Ratio: 1.5
Debt/EBITDA: N/A

With $358.60M in assets and $151.85M in long-term debt, D/E is 1.5and book value is $100.83M — moderate leverage. Across the last 8 quarters, debt/equity has risen for 5 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $275,000
TTM Free Cash Flow: $27.02M
FCF Margin: 9.2%
FCF / Net Income: -0.1

TTM FCF of $27.02M on $275,000 in operating cash flow. The FCF / Net Income ratio of -0.1x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.